While much of the retail world has been able to absorb the sales declines, in part by taking on new debt and pushing out rent payments, those already struggling with liquidity or burdensome debt are facing full-blown financial crises. ABG und Sparc übernehmen Denim-Label Lucky Brand, www.FashionUnited.info © FashionUnited 2020. SPARC and ABG first expressed interest in purchasing America's oldest clothing company in early July. Beyond rent, Lucky faced a liquidity crisis exacerbated by the pandemic, as store closures cut off a major source of revenue. as well as other partner offers and accept our, Alex Tai/SOPA Images/LightRocket via Getty Images, initial bid for Brooks Brothers was for $305 million. Given the firm’s acquisitive nature, its holdings will continue to grow. Sparc will add Brooks Brothers and Lucky Brand to its holdings. Brooks Brothers was not immediately available for comment on news of the sale. What Should Retailers & Brands Consider When Planning for 2021? Their initial bid for Brooks Brothers was for $305 million and also included the commitment to acquire at least 125 Brooks Brothers retail locations, which secured the group as the stalking horse bid. Authentic Brands Group LLC (ABG), a global brand owner, marketing and entertainment company, and SPARC Group, LLC (SPARC), a leading retail enterprise, today announced that they have acquired Lucky Brand. Those apparel businesses will be added to a roster that includes Aeropostale and Nautica in addition to holding a majority stake in Forever 21 and a minority stake in Volcom, said Jamie Salter, Authentic Brands’ CEO and chair and Sparc’s co-chair. Even as retail sales in aggregate have gone through a rebound, after months of unprecedented mass closures, clothing store sales remain steeply below last year's levels. He also wants to expand its existing international business and former owner and CEO Claudio Del Vecchio’s vision. Lucky Brand, which runs 112 stores and 98 outlets in North America, is looking to restructure its retail operations. Nordamerika und das Online-Geschäft des Labels. verstärkt auf digitale Kanäle ausgerichtet werden soll, werden ABG und In consolidating the back of house, he can cut what these companies spend on corporate overhead in half, making front of house more efficient. Rent, of course, is the most significant cost many retailers face, he said. Übernahme des insolventen Denim-Labels Lucky Brand. Brooks Brothers announced on Tuesday evening that Authentic Brands Group and SPARC Group LLC were selected as the winning bidders in the sale of the bankrupt suiting company for $325 million. Protests against systemic racism this year pushed retailers to take a magnifying glass to diversity, and many areas are lacking. Forever 21, Barneys New York, Aéropostale und Nautica gehören, die Group LLC. Even as retail sales in aggregate have gone through, By signing up to receive our newsletter, you agree to our, As retailers focus on diversity, executive representation is stagnant, The running list of 2020 retail bankruptcies, Strategic Moves for the New E-Commerce Landscape, 5 Strategies to Power Your Omnichannel eCommerce Success, 3 Keys to Building a Resilient Retail Organization. Any additional profits generated would be paid to the two owners in the form of cash distributions. The buyers have also committed to continue operating at least 125 Brooks Brothers retail locations. Executive Chairman Matthew Kaness said that the pandemic and its effects have "severely impacted sales across all channels," and that business has not fully recovered yet. Millionen Euro). For G-Star, the difficulties from the pandemic have also sharpened the need to rightsize its store footprint, a process made easier by Chapter 11. For example, rather than a regional manager for each separate chain, Sparc only needs one manager to keep tabs on the stores under all the banners within a certain area. on Authentic Brands plans to maintain the suits and dress shirts the company is known for and Brooks Brothers’ “made in the U.S.A. heritage” in order to retain existing customers, he continued. As a number of big-name merchants file for bankruptcy, including conglomerates such as Ascena and Tailored Brands, a new retail empire is emerging. Der US-amerikanische Mode- und Medienkonzern Authentic Brands Group LLC In addition, rolling up all six brands into a single company creates a lot of cost saving opportunities, Salter said. © 2020 Adweek - All Rights Reserved, The Criticality of Communications in Health, Rachel Maddow Will Quarantine After Having Had a Close Contact Test Positive For Covid-19, What Inspire Brands’ Purchase Means for Dunkin’ and Its Agencies, Meet Decision Desk, the First to Call the Election for Joe Biden, CNN Is Most-Watched For Day 3 Election Coverage, AgencySpy Dog of the Year Awards, Round 4, Why Agencies Need Insight Into Their Operations, How Parenting Brands Can Gain Loyalty During Challenging Times, How Brands Are Driving Direct-to-Consumer Sales, Shopper Insights to Drive Your D-to-C Strategy. Das Marketing, das künftig Jeans, Salter said, are as relevant as ever and remain a staple of the modern wardrobe. Limited liquidity in turn led to "diminished access to new inventory" from vendors, Renzi said. Some analysts expect discretionary retail sales to remain below 2019 levels past next year. Both it and Simon Property collect royalties and rent respectively from Sparc since the intellectual property is controlled by Authentic Brands. The deals also increased systemwide sales for Authentic Brands to between $14.5 billion and $15 billion. The … Getty Images The march of bankrupt retailers citing the difficulties posed by the COVID-19 pandemic continues without any signs of slowing down soon. The company was founded in 1918 and survived numerous tumultuous eras in U.S. history, from the civil war to the Great Depression. In a buy-your-business partner move, Simon Property Group (NYSE:SPG) might soon be one owner of bankrupt clothing retailer Lucky Brand Dungarees. The off-pricer plans to liquidate its 13 stores. In all, the six brands account for some $7 billion in annual sales, a figure that relies in part on prepandemic numbers. Sparc gemeinsam übernehmen. “We are pleased to welcome this iconic, heritage denim brand to ABG. Sparc, which is made up of the U.S. mall owner Simon Property Group and the apparel licensing firm Authentic Brands Group, is set to acquire denim maker Lucky Brand out of … SPARC is a joint venture backed by Authentic Brands Group and mall owner Simon Properties. Lizenzpartnerschaften und die Weiterentwicklung der Marke zuständig. On August 12, the purchase of Lucky Brand to the SPARC Group LLC, the stalking horse bidder when Lucky Brand filed for Chapter 11 bankruptcy protection last month, was approved by the U.S. Bankruptcy Court for the District of Delaware.
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